Savannah Energy Announces Unaudited 7-Month Operational & Financial Update With 13% Increase In Cash Collections In Nigeria

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, has released its operational and financial update on its Nigerian operations and other markets in Africa for the seven months to 31 July 2026, including up-to-date cash collections in its Nigerian business. 

The update shows that its group daily gross production averaged 16.3 Kboepd for 7M 2026, compared to 18.8 Kboepd during the same period in FY 2025. With its Uquo 13 now on stream, it expects its average gross daily production to exceed 20 Kboepd over the remaining five months of the year, with FY 2026 average gross daily production anticipated to be in the range of 18-20 Kboepd, including further upside potential from the Uquo South exploration well.  

The company reported that following the completion of the SIPEC Acquisition in March 2025, the production expansion programme underway at Stubb Creek has delivered a 29% year-on-year increase in average gross daily production to 3.7 Kbopd for 7M 2026 (7M 2025: 2.8 Kbopd). Average production in July 2026 was in excess of 5.0 Kbopd. 

The report also shows that its cash collections in Nigeria increased by 13% year-on-year to US$247.9 million during the 7-month period, compared to US$219.2 million during the same period in FY 2025. 

According to the report, Savannah’s Revenue increased by 10% year-on-year to US$160.6 million, compared to US$146.0 million during the first seven months of 2025. As at 31 July 2026, its cash balances totalled US$62.0 million (it was US$42.7 million as at 31 December 2025), and net debt stood at US$672.0 million (31 December 2025: US$658.8 million). Its Trade Receivables balance as at 31 July 2026 was US$394.6 million, a 22% reduction on year-end 2025 (31 December 2025) of US$508.5 million.

Savannah also provided new updates on its Uquo 13, formerly known as Uquo NE and Uquo South exploration well. It reports that drilling and completion activities at the Uquo 13 well location have been concluded. The well which was tied back to the Uquo Central Processing Facility (“CPF”), achieved first gas in July and is on stream, after having successfully been tested at approximately 50 MMscfd. 

The Uquo South exploration well spudded in early August 2026 and is currently being completed. Gas has been confirmed in most of the targeted reservoirs through pressure measurements, fluid sampling and logging. The Uquo South discovery is expected to be fully evaluated following completion of the well and the planned testing programme. 

On Niger, Savannah reported that it continues to engage with the country’s Government in relation to the R1234 PSC and the forward work programme. These discussions, it said, are aimed at resolving disputed issues arising under this contract and notably cover the contractual and operational framework for recommencing activity, including the treatment of periods during which operations have been materially constrained. It said it continues to reserve its rights under the R1234 PSC and is seeking to agree a mutually acceptable basis with the Government for future operations, and that work will only recommence on these assets if, and when, the Company reaches such a satisfactory agreement with the Government.

The report also provides updates on ongoing arbitration in Chad where its wholly owned subsidiaries, SCI and SMIL, commenced arbitral proceedings in 2023 against the Government of the Republic of Chad. It would be recalled that SCI had sued the Chadian Government in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights. SMIL had also commenced arbitral proceedings in 2023 in relation to the nationalisation of its investment in TOTCo, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad. SMIL had also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to COTCo, the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon. Savannah said it expects these arbitral proceedings to be concluded in H2 2026. 

SCI is also involved in further arbitral proceedings in which designates of Société des Hydrocarbures du Tchad allege breaches by SCI of the Doba fields joint operating agreement. SCI is defending the claims vigorously. Savannah expects these arbitral proceedings to be concluded in H1 2027. 

Andrew Knott, CEO of Savannah Energy, said: 

“2025 was a year of execution for Savannah with good progress delivered across the nine focus areas we set out at the start of the year. In Nigeria, we increased our rate of cash collections year-on-year by 12%, a trend which we hope to continue into 2026, and have made significant progress in refinancing our debt facilities. 

In our Hydrocarbons Division, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, we also announced a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year. 

In the power sector, we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year. We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion. 

We also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026. 

Overall, this progress provides a strong platform for continued delivery in 2026.”

—ENDS–

Key Highlights

Operational

• Drilling and completion activities at the Uquo 13 well location have been concluded. The well was tied back to the Uquo Central Processing Facility (“CPF”), achieved first gas in July and is on stream, after having successfully been tested at approximately 50 MMscfd; 
• The Uquo South exploration well spudded in early August 2026 and is currently being completed. Gas has been confirmed in most of the targeted reservoirs through pressure measurements, fluid sampling and logging. The Uquo South discovery is expected to be fully evaluated following completion of the well and the planned testing programme;
• Following completion of the SIPEC Acquisition in March 2025, the production expansion programme underway at Stubb Creek has delivered a 29% year-on-year increase in average gross daily production to 3.7 Kbopd for 7M 2026 (7M 2025: 2.8 Kbopd). Average production in July 2026 was in excess of 5.0 Kbopd; 
• Group average gross daily production was 16.3 Kboepd for 7M 2026 (FY 2025: 18.8 Kboepd). With Uquo 13 now on stream, average gross daily production is expected to exceed 20 Kboepd over the remaining five months of the year, with FY 2026 average gross daily production anticipated to be in the range of 18-20 Kboepd, including further upside potential from the Uquo South exploration well1; and
• Actively reviewing opportunities in both the oil and gas and thermal and renewable power sectors, with the expectation of announcing transaction(s) over the course of the next 24 months.

Financial (unaudited)

• Stubb Creek RBL Facility increased to US$130.0 million, with the tenor extended to August 2031 and margin reduced to 7.5% per annum; 
• 7M 2026 cash collections increased by 13% year-on-year to US$247.9 million (7M 2025: US$219.2 million);
• 7M 2026 Revenue increased by 10% year-on-year to US$160.6 million (7M 2025: US$146.0 million);
• As at 31 July 2026, cash balances totalled US$62.0 million (31 December 2025: US$42.7 million) and net debt stood at US$672.0 million (31 December 2025: US$658.8 million); and
• Trade Receivables balance as at 31 July 2026 was US$394.6 million, a 22% reduction on year-end 2025 (31 December 2025: US$508.5 million).